Definition of "Robbery"
Use of the threat of violence or actual violence in taking property from someone else's possession. This peril is covered on a personal basis through the purchase of a homeowners insurance policy or renters insurance or on a business basis through a special multiperil insurance (SMP) policy. Specialty items such as coin and stamp collections must be specifically scheduled on a property policy in order for the insured to receive full value for a loss.
Popular Insurance Terms
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Payment due on the renewal of an insurance policy. The premium may be adjusted up or down to reflect the loss experience of the underwriting classification to which the insured belongs. ...
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Transaction in which the property owner (for example, a pension fund) agrees to pay the insurance company a rate of return tied to the fluctuations in real estate prices. In return, the ...
Amount charged to an insured that reflects expectation of loss for a covered risk; and insurance company expenses and profit. ...
Bonds that are less than investment grade plus the bonds that are in or approaching default, which comprise part of the insurance company's investment bond portfolio. ...
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